- BIST10011,722-2.89%
- USD49.42+0.06%
- EUR55.41+0.20%
- GOLD4,191.70+0.52%
- INTEREST37.00%-1.00
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- October 16, 202612°
- BIST10011,722-2.89%
- USD49.42+0.06%
- EUR55.41+0.20%
- GOLD4,191.70+0.52%
- INTEREST37.00%-1.00
- BITCOIN81,246-1.08%
- October 16, 202612°
Iran urges BRICS to expand local-currency trade and reduce dollar reliance
Iranian President Masoud Pezeshkian called for the development of trade in local currencies and the strengthening of the New Development Bank at the 18th BRICS Leaders’ Summit in New Delhi. Pezeshkian said unilateral sanctions negatively affect the economy, food security and the welfare of people.
Iranian President Masoud Pezeshkian called on BRICS members to develop trade in local currencies to increase resilience against economic pressure at the 18th BRICS Leaders’ Summit in New Delhi.
Pezeshkian said excessive dependence on a limited number of trading systems leaves economies vulnerable to sudden political developments and said BRICS countries should increase trade using their own currencies.
Sanctions and financial resilience
Pezeshkian advocated developing the New Development Bank to strengthen economic resilience. He said strengthening the institution would increase member countries’ capacity to withstand economic pressure.
The Iranian president said the impact of unilateral sanctions is not limited to economic problems, adding that these measures also negatively affect food security and the welfare of people.
Pezeshkian said economic resilience alone would not be sufficient and stressed that security must also be ensured for this capacity to be sustainable.
Iran’s geopolitical position
Pezeshkian said developments in the region, including what he described as military attacks by the United States and Israel against Iran’s economy, energy sector and infrastructure, quickly cross borders and produce global consequences.
The Iranian president said Iran’s geopolitical position could contribute to developing trade among BRICS members and that Iran could support economic cooperation within the organization.
BRICS expansion
BRICS was established in 2009 under the name “BRIC,” with China, Russia, Brazil and India. The grouping took the name BRICS after South Africa joined in 2011.
Egypt, Ethiopia, Iran and the United Arab Emirates joined the organization in 2024, while Indonesia joined in 2025. BRICS thus became a 10-country grouping representing approximately half of the world’s population and about 40 percent of global economic output.
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